Aboriginals Now Own Controlling Shares Of Bank

Aboriginals Now Own Controlling Shares Of Bank

Thursday, January 28, 2010 at 14:50

The CEO of the First Nations Bank of Canada says the institution is now controlled by Aboriginal shareholders.

Keith Martell says up to now, the bank’s parent institution, Toronto Dominion, has had the controlling hand in the venture, which was founded in 1996.

Martell says the move has been a long time in coming, but it’s finally here.

“80.1 per cent of our bank is owned and controlled by Aboriginal shareholders from across Canada, and that firmly puts the bank in the hands of our shareholders, the vast majority of whom are Aboriginal groups,” he says.

He adds that First Nations Bank had a strong fiscal showing in 2009, and recently opened a branch in Meadow Lake to further serve its Aboriginal clientele.